Table of Contents
ABACO SCHOLARSHIP FUND
The Abaco Scholarship Fund has been organised and is now ready to commence activities. The purpose of the Fund is to:
1. solicit contributions to be used for scholarship grants to qualifying Abaco applicants to enable them to continue their education in their chosen field, and
2. create over a period of years an endowment fund with earnings sufficient to fund all grants.
The Abaco Scholarship Fund will function as an integral part of the Lyford Cay Foundation which has many years of experience in managing an endowed fund. The advantages to the Abaco Scholarship Fund under this arrangement will be immediate, significant and ongoing.
All contributions will be tax deductible to Canadian and US citizens. Tax exempt status in other jurisdictions is being applied for.
Administrative expenses in setting up scholarship funds and awarding grants are extensive and expensive, particularly in newly organised funds. Lyford Cay Foundation will pay all administrative expenses so that all contributions will be used for grants.
Lyford Cay Foundation has an endowment fund of over ten million dollars. This fund earns approximately eight to ten percent per annum. Our contributions will be added to the permanent endowment fund and managed and invested at no cost to Abaco Scholarship Fund. This will earn income for scholarship grants indefinitely.
Table of ContentsCopyright © 1998,Out Island Internet